Increasing TSP contributions

Q. I plan to retire Jan. 11, 2014. I would like to maximize my Thrift Savings Plan contribution. If my calendar is correct, Pay Period 1 of 2014 starts Dec. 16 and Pay Period 2 on Dec. 30. How much can I contribute in pay periods 1 and 2? My entire paycheck? More? How do I do that?

A. You may contribute your entire paycheck until you reach the annual contribution limit. Submit forms TSP-1 and/or TSP-1-C to make your request.

About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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